M/S.Kotak Mahindra Bank Ltd. v. a.Anand Prasad
Case brief
What is this about?
The High Court disposed of a Writ Petition and Civil Revision Petition challenging an Appellate Tribunal order. The bench held that a decree-holder is not required to proceed against specific assets before others and modified the order to remove restrictions on the bank's right to recover dues from all properties.
What did the court decide?
The restriction imposed on the Bank to proceed against Adyar property only after exhausting other assets was removed, allowing the Bank to proceed against all properties.
What the court decided
IN THE HIGH COURT OF JUDICATURE AT MADRAS
DATED: 14.07.2021
CORAM :
THE HON'BLE MR.SANJIB BANERJEE, CHIEF JUSTICE
AND
THE HON'BLE MR.JUSTICE SENTHILKUMAR RAMAMOORTHY
W.P.No.33319 of 2019 & CRP No.73 of 2021
M/s. Kotak Mahindra Bank Ltd rep. by its Vice President Presently at Asset Reconstruction Division 5th Floor, Samson Tower No.402L, Pantheon Road Egmore, Chennai 600 008. .. Petitioner Vs. 1. A.Anand Prasad 2. M/s. Ravishankar Industries Pvt. Ltd rep. by the Provisional Liquidator Corporate Bhavan, Second Floor No.29, Rajaji Salai Chennai 600 001. 3. The Registrar Debt Recovery Appellate Tribunal Chennai. .. Respondents CRP No.73 of 2021 A.Anand Prasad .. Petitioner Vs. 1. Kotak Mahindra Bank Ltd rep. by its Vice President Dass India Tower, II Floor No.3, II Line Beach, Parrys Chennai 600 001. Presently at Asset Reconstruction Division 5th Floor, Samson Tower No.402 L, Pantheon Road Egmore Chennai 600 008.
- M/s. Ravishankar Industries Pvt. Ltd rep. by the Provisional Liquidator Corporate Bhavan, Second Floor No.29, Rajaji Salai Chennai 600 001. .. Respondents
Issues for consideration
2 issues framed by the court
Whether a creditor obtaining a certificate in debt recovery proceedings is required to exhaust remedies against specific assets before proceeding against other properties of the debtor or guarantor.
Whether Debt Recovery Tribunals have the authority to fashion the manner or order of recovery from various properties of the borrower and guarantor.
Parties & counsel
- petitioner
M/s. Kotak Mahindra Bank Ltd
- respondent
A.Anand Prasad
- respondent
M/s. Ravishankar Industries Pvt. Ltd
- respondent
The Registrar Debt Recovery Appellate Tribunal Chennai
Coram
Case details
As recorded by the court registry
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